ART MARKET 101
Whats Mumbai and Bangalore how important is provenance? The art market is a weird and wonderful world, complete with its own laws and language. Discover art market terms that will help you navigate the art world and learn what Harsh Goenka collector Kiran Mazumdar Shaw looks out for in emerging talent. Plus, meet a Kolkata artist Jogen Chowdhury & Chittrovanu Mazumdar whos cracked it with high-profile collectors around the globe.
Art Market Terms New Collectors Need to Know
Whats an A/P? How important is provenance? What is flipping? The art market has a language of its own. Even if you're already an art lover, as a new collector its easy to get confused. Are you on the way to finding your perfect piece of art? Here are 8 terms you need to know.
1. PRIMARY ART MARKET
This is when an artwork is sold (and the price established) for the first time. Art on the primary market often comes directly from an artists studio.
2. SECONDARY ART MARKET
This is the world of re-selling artworks, through galleries, dealers or at auction. The secondary market usually occurs when an artist is established and sought after.
3. BLUE CHIP
Within the art world, Blue-Chip refers to artworks which are expected to hold or increase in economic value regardless of other market conditions. Artists like Picasso, Rothko and Monet are Blue Chip.
4. ARTISTS PROOF
Artists proofs are signed A/P and are considered a status symbol in the world of art collecting. They come about when an artist is creating a series of paintings and receives proofs to check quality and color. If the artist decides to sell them, they will come at a premium price, due to their limited number.
5. FLIPPING
Art flippers buy and sell art to turn a profit. Most flipping is done by art collectors as a way of making money to reinvest and expand their art collection.
6. PROVENANCE
An artworks provenance is the record of its history, ownership, and origin. Provenance is essential in confirming its authenticity. Ideally, it will trace the object right back to the artist studio and might include ownership documents, gallery invoices, inventory numbers and inclusion in catalogs.
7. PRIVATE COLLECTION
This is a privately-owned collection of artworks, usually by an individual art collector. However, it could also refer to the collection of a company or other organization, such as a bank.
8. APPRAISAL
An appraisal is the evaluation of a works market or insurance value. Appraisals can be offered by galleries, experts and auction houses.